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July 16, 2024
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29th Street Capital Closes 200-Unit San Diego Res Buy


29th Street Capital, a Chicago-based multifamily investment firm, has acquired Villa Del Sol, a 203-unit multifamily community in San Diego, for $49.3 mil ($243k/unit). The asset was sold by a local family who owned the property for over 45 years.

Located at 5474 Reservoir Dr, Villa Del Sol is one mile from San Diego State University in the Rolando neighborhood of San Diego. Community amenities include a clubhouse, fitness center, laundry facility, swimming pools, tennis court and yoga studio. The property is walking distance from the Alvarado Trolley Station and is one-quarter mile from I-8, a major freeway that connects the area to the rest of San Diego County.

Kevin Mulhern and Allen Chitayat with CBRE represented the seller in the transaction. Scott Peterson, Bill Chiles and Brian Cruz of CBREs debt and structured finance team in San Diego arranged a $40.3 mil acquisition loan on behalf of the buyer. According to Chitayat, this was a highly competitive offering that attracted approximately 20 offers from highly qualified buyers.

After three straight quarters of declining sales volumes, that figure soared in the fourth quarter to a record high $1.16 bil, according to a CBRE research report. The year-end total of $2.34 bil was lower than 2019, but higher than 2018. Apartment and economic fundamentals continue to improve, despite continued economic impacts from the COVID-19 pandemic.

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